Have you filed chapter 7 bankruptcy since 2005?

[hanan]

Your input is greatly appreciated.

I have never been through anything like this and it is a bit overwhelming. We have had medical situations, loss of income and the bad economHave you filed chapter 7 bankruptcy since 2005?y hit the value of our home. Even though I have spoken with a bankruptcy lawyer, I am not sure they are total legal guidance for rebuilding or strategic planning. So, I would really value your personal experiences.

Please, share the year and state that your chapter 7 bankruptcy was made and if you have any knowledge in the areas of question below

(A) I am hoping to keep some accounts open now in order to rebuild our credit for later. I understand that laws have changed and bankruptcy is reported to all creditors that will most likely close our accounts when this occurs. Has anyone found this to be true?

(B) I was told that it is 71 or 90 days for any amount of 750 to a single creditor before filing and that doesn't mean I have to keep paying the creditor bill within the 71 or 90 days ( it is just the filing wait time after such amount ). I should be ok because it would take at least 6 months for the creditors to seek judgment. Has anyone knowledge of the wait time filing vs paying the creditor? I want to make sure I understand correctly and do not abuse any legal privilege.

(C) Does anyone have experience with H.H.Gregg,Khols & Toys R Us store credit?

I have $4500.00 of stuff with H.H. Gregg. I am hoping to reassume the H.H.Gregg in order to keep our belongings & rebuild, I believe this is suppose to be a secure debt unlike other credit. If Toys R Us & Khols would not likely close me I would pay them off.


(Personal Details)
My husband has had 3 hospital stays, 2 major surgeries and still has impending surgical/health issues ( Colon ruptured). Losing 7 months work in one year caused us to live on borrowed money. I have found legal advice to do strategic bankruptcy planning. We are in no situation to wait out finances for upcoming surgeries though. I am doing the best I can to repair all vehicles ect and take care of everything now that would be an expense later. Unfortunately, our home's value has went down, so we can not even break even if sold, rent and just pay creditors. So, we will most likely wait till the home goes into foreclosure before filing because it will freeze the mortgage while the bankruptcy is pending. I just want to make sure I do all I can now so we can rebuild later down the road. I have kept all my bills current, but now there is no way to continue to do so.

[calvert]

You clearly have many questions and are under some misunderstandings. Ultimately, you need an attorney.

You will not be permitted to keep any accounts open. You do not file bankruptcy "on" a particular debt; you file bankruptcy - period. All debts, owed to everyone, anywhere in the world, MUST be listed and disclosed in you bankruptcy paperwork. The bankruptcy may have different effects on different debts - for example, if you want to keep a car, you have to continue to pay for it, and student loans are usually not dischargeable - but that doesn't mean that those debts aren't "included".

A lawyer can advise you as to the specifics of when to stop paying your accounts, but most debts you should stop paying as soon as you are committed to the bankruptcy process.

It is very unlikely that Toys R Us has gone through the proper steps to establish a security interest. Even if they have, you could probably redeem that property in your bankruptcy case for far less than $4500.00.

Nearly all consumer bankruptcy attorneys offer free consultations. Take advantage of this to meet with one and get advice based on all of the details of your particular situation. You can find a referral at NACBA.org (National Association of Consumer Bankruptcy Attorneys).

[scirwode]

I can't offer all your answers, but just to comment on one area: When you file for Chapter 7, you have to include all your debts. You can't selectively exclude certain debts like the H.H. Gregg, Kohls or Toys R Us credit cards, as that would be giving preferential treatment to one creditor over another....something that would not be allowed in bankruptcy court.

[darik2]

Yes I have, in 2010.

A) True. All your debt is included in the Chapter 7, even the house, but you can keep that. Even if you don't want to keep it, you still do. After the BK is discharged, you can reapply for credit cards. Best one is Capital One.

B) Filing vs paying, I don't know. I have not heard of that. Creditors do judgements but sometimes they take long.

C) I had a Khol's card, it was part of the BK.

The BK filing will freeze all accounts and debtors cannot contact you even your mortgage company.

I feel free after the BK filing but it all depends on how much you owe. You cannot include child support or student loans in it but everything else you can.

I am rebuilding my credit and have four credit cards that I opened within a year of the discharge.

Good luck.